Green Genius, a renewable energy company, closed a €25.3 million (~$29.9 million) financing for the construction and development of a 196 MWh battery energy storage project in Antkalniškiai village, Jurbarkas district, Lithuania.
Swedbank provided the funding for the battery storage system to EKO Srautas, a company owned by Green Genius.
The project is expected to reach commercial operation by the end of Q3 2026. It will be located adjacent to the company’s 80 MW wind project and connected to the Litgrid transmission network.
“Lithuania has set a target for 100% of its electricity consumption to be generated from renewable sources by 2030. Achieving this goal sustainably is impossible without efficient energy storage solutions. A national BESS network is currently being deployed, with a total planned capacity of around 4,000 MWh. The “Green Genius” project will be an important part of this network – it will reduce dependence on fossil fuels, enable more efficient use of generated green energy, and ensure a more stable electricity supply even when renewable generation fluctuates. It will also enhance the attractiveness and flexibility of the nearby wind project in meeting diverse energy needs, contributing to Lithuania’s energy independence and green transition goals,” says Ignas Mačeika, Member of the Board of “Swedbank” and Head of the Corporate Clients Division.
In August, the company also entered into a financing agreement for up to €64 million (~$75 million) with the Nordic Investment Bank (NIB) and NORD/LB. The funding will be used for the development of two solar projects totaling 182 MWp in Lithuania.
According to Mercom’s 1H and Q2 2025 Funding and M&A Report for Energy Storage report, announced Energy Storage project financing increased 168% year-over-year in 2025.
In September, Flatiron Energy, a developer of utility-scale energy storage projects, secured approximately $540 million in financing from a group of financial institutions to support the construction and operation of the Taft Project.
